According to crypto analysis firm LookonChain, a trader made over $1.6 million in just 14 hours trading the Solana-based memecoin WEN. According to the analysis firm, the trader spent 125.5k USDC to buy 20 billion WEN tokens as it began trading. The trader then sold 12.5 billion WEN tokens for 807k USDC, with a profit of $682,000. The wallet currently holds 7.6 billion WEN tokens worth $941,000.
Also Read: Trader Turns $226K into $1.69M in 5 Days with This Solana Meme Coin – Here is How
Also Read: Solana: Trader Uses 30 SOL Worth $2k to Make Over $5.7 Million
According to market data, the Solana-based cryptocurrency hit a high of more than $900 shortly after it began trading. However, the token has since plummeted to around $0.00017. The price movements suggest the token was a pump-and-dump scheme.
Solana-based cryptocurrencies making it big?
Solana-based tokens have seen a sudden surge in popularity. Last year, BONK, an SOL-based memecoin, began to take the market by storm. BONK has since gained a reputation as a potential Shiba Inu (SHIB) and Dogecoin (DOGE) rival. The memecoin has rallied by over 1100% since January 2023. Dogwifhat (WIF) is another SOL-based memecoin that made waves recently. The token’s price skyrocketed after a listing on Binance, the world’s largest crypto exchange by volume. WIF’s price is also up by more than 70% since December 2023, outperforming many top projects. Earlier this month, another SOL-based memecoin called MYRO rallied by 488%.
Also Read: Honk: The New Memecoin Phenomenon To Become the SHIB of Solana.
The surge in Solana-based crypto tokens was likely due to SOL’s incredible rally in 2023. The popular cryptocurrency’s price surged by nearly 1000% at one point. SOL’s price spike led many other tokens in the network’s ecosystem to follow suit. However, SOL’s price has taken a beating since its December 2023 highs.
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